Hellinikon Project Expected to Begin in mid-2018

In the years to come, the multi-million-euro investment at Hellinikon will be the largest urban regeneration project to be implemented across Europe, Deputy Minister of Economy and Development Stergios Pitsiorlas said on Tuesday.

Speaking to the radio station of the Athens-Macedonia News Agency 104.9 FM, Pitsiorlas said that works for the Hellinikon project are expected to begin this year.

“During the first months of 2018, the Council of State will have completed the procedure for the Presidential Decree’s final approval,” he said, adding that immediately thereafter a tender for the planned casino at the site of Athens’s former international airport should be launched.

“I believe that everything will be completed in the first semester and therefore the investment will begin in 2018,” Pitsiorlas said.

The ambitious 7-billion-euro Hellinikon project of investor Hellinikon Global (consortium of Lamda Development, Fosun and Eagle Hills) is set to transform Athens’ former airport complex into a metropolitan park and includes the development of hotels, shopping centers, open-air cultural venues and a casino.

Moreover, the deputy minister said that there is a high investment interest for Greece since “everyone realizes that much progress has been made in the area of ​​reforms”.

Pitsiorlas also added that Greece is expected to exit the bailout program in summer 2018 and enter the markets. He said that elections will be held in 2019 and not this year.

“There is no reason for elections in 2018, which is a year that we must concentrate on launching major investments, continue reforms, complete the country’s exit from the memorandums. Entering the markets is of great importance.”